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Document Capture Technologies Holds Annual Meeting of StockholdersElection of Directors, Auditors, 2010 Stock Option Plan Affirmed (April 21, 2011)
SANTA CLARA, CA -- (Marketwire) -- 04/21/11 -- Document Capture Technologies, Inc. (OTCBB: DCMT), an IP-driven leader in the design, development, manufacture and sale of advanced imaging technologies for over a decade, today announced the results of the Company's Annual Meeting of Stockholders.
First, having received the requisite number of votes, the stockholders elected Directors Edward Straw, David Clark, Roseann Larson, Darwin Hu, and Jody Samuels until the sooner of the next Annual Meeting of Stockholders, or until successors have been duly elected, appointed and qualified.
Second, the Company's 2010 Stock Option Plan was approved.
Finally, the Board's appointment of independent auditors Hein & Associates LLP for the FY 2011 was ratified.
"On behalf of the other Board members, we are extremely pleased to serve the shareholders of DCT," said David P. Clark, Chief Executive Officer of Document Capture. "The level of Board and auditor consistency will undoubtedly well serve both the Company and our shareholders."
The mandate for 2011 will be to drive the introduction of new products; software and innovative image capture solutions specifically developed to address our customers' needs. At the same time we will continue to be vigilant with regard to reducing costs wherever possible, be they administrative, by sourcing the finest components at the absolute best cost or opening new revenue streams through new or expanded business.
Document Capture continues to hold no debt with working capital at December 31, 2010 of $4.8 million versus $2.4 million at December 31, 2009 a 100% increase. In addition, availability on the Company's line of credit at December 31, 2010 was $1.7 million, giving the Company more than sufficient resources to fund the anticipated growth into 2011 and beyond.
Document Capture's patented technology provides high quality images at extremely low power consumption levels in a compact package. DCT also provides a comprehensive suite of proprietary software development tools that support and facilitate the accelerated integration of their document capture products with new and existing applications. These products are simple to use and interface with any computing device where there is need for a small footprint, lightweight scanner. DCT's standard software supports drivers for Windows7/Vista/XP, Windows CE, Linux and the MAC OS.
About Document Capture Technologies
Document Capture Technologies (OTCBB: DCMT) is a worldwide leader in the design, development, manufacturing, and sale of USB powered mobile page-fed document capture platforms. DCMT provides more than 30 different products across five distinct categories, which are distributed globally through private label solutions to leading Tier 1 OEMs, VARs and other system integrators, including NCR, Qualcomm, Burroughs and Brother.
For additional information, please see Document Capture Technologies' corporate website: www.docucap.com.
This press release is neither an offer to sell nor the solicitation of an offer to buy any securities of DCMT.
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on current expectations and are subject to a number of known and unknown risks, uncertainties and other factors beyond the Company's control that could cause actual events and results to differ materially from these statements. These risks include, without limitation, that there can be no assurance that any strategic opportunities will be available to the Company and that any strategic opportunities may only be available on terms not acceptable to the Company. These statements are not guarantees of future performance, and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. DCMT undertakes no obligation to update publicly any forward-looking statements.
Document Capture Technologies, Inc.
David P. Clark
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